Maybe my first deal?

[bovine]

Since I will be buying, if all goes well, this property with cash. Do I fill out the hud-1? And if so are their any examples out there?

[CTally]

www.easyhud.com, you just fill in the blanks and the HUD-1 is emailed to you almost instanly.

[bovine]

Update-

Talked to the Loss mit person monday and was told no go with with my initial offer. I upped the offer 20k since I knew my offer was way low given the fast appreciation of the area and property condition. I was again told no go. I was never told what they(the lender) would accept.  
Here are some new numbers I have come up with for the property.

ARV- 280k-295k based on 3 sales within the past month.
Repairs- 35k-45k
Payoff to bank- 205k

Given these numbers it might not be to bad of an idea to reinstate the loan and then proceed with the rehab. Problem is I know how repair estimates can blossom and holding/selling costs can eat you alive. Any suggestions on how you would proceed?

[CTally]

Did you ask your loss mitigation specialist what they would accept?

Ask them what they would accept and if they tell you, discount it a and see if they accept that offer. If you can get them to accept 180-185 even 190 that should be a very good deal for you wholesale or retail, depending on how fast you could turn it around.

[db]

bovine, have you made any progress on getting the short sale completed.  I am a homeowner with a potential buyer and i am trying to orchestrate this for them.  I need to know step by step what needs to be done, as the person interested in buying is ready to pay cash.  will he also have to deal with the IRS lein.  Who does he contact first?  Lender or IRS?

[bovine]

bovine, have you made any progress on getting the short sale completed.  I am a homeowner with a potential buyer and i am trying to orchestrate this for them.  I need to know step by step what needs to be done, as the person interested in buying is ready to pay cash.  will he also have to deal with the IRS lein.  Who does he contact first?  Lender or IRS?

db-

I'm sorry but I am just as green as you. My best advice is to read EVERY post on this forum, even if you think it does not relate to your situation. Then do a google search for other real estate investing  boards so you can read those posts as well.

As for my situation, incredibly the bank called me back and told me to submit a new contract with my last offer. They SAY they missed something on the BPO which I had already told them about. It seems like it might go through for under 170k. I'm not holding my breath but if it does I'll be dancing the jig... Whatever that means.

[CTally]

GOOD!!!! Keep us posted.

[Wildflower]

Why are you guys calling the owner a "client"?  In a client relationship you represent the "client's" best interest.  Realtors, attorneys, and others have business relationships where there are fiduciary duties when you are an agent for the client.  

Jan

[bovine]

Why are you guys calling the owner a "client"?  In a client relationship you represent the "client's" best interest.  Realtors, attorneys, and others have business relationships where there are fiduciary duties when you are an agent for the client.  

Jan

Jan
Say what you want but I will always call them a client. Just as I did when a worked for a social service agency helping families get their lives back on track. Why is the use of the word client such a  "hot button' with you? What would you prefer we call the people we are helping out?

[kdhastedt]

<<What would you prefer we call the people we are helping out?>>

"Property occupant"

...if you're dealing with the bank, why is the person living in the house a "client"..??  The bank is your 'client'.  The person in the property should be thinking of nice names to call you....

Keith

[bovine]

<<What would you prefer we call the people we are helping out?>>

"Property occupant"

...if you're dealing with the bank, why is the person living in the house a "client"..??  The bank is your 'client'.  The person in the property should be thinking of nice names to call you....

Keith

This client has never lived in the property. She contacted me for help with negotiating a deal with the bank. Without her permission I could in no way deal with the bank. And my guess is that since the sales contract is between she and I, she can "fire" me at any time. Is that correct?
Are there some legal implications with calling the homeowner a client?

[bovine]

I think this deal might be dead for me....

I faxed over the offer that the bank told me to send in and was told that they had received a higher offer from the listing broker. This really P!ssed me off since I was the one who had the place listed in the first place. My advice to other investors is, even if the bank wants to see a listing agreement either send in your SS package without one, list the property then delist it or have a VERY friendily broker on your side. The ladder I thought I had. The new offer was 35% higher than mine but was not a cash offer and was contingent upon financing and inspection.
This was to be my first deal and I guess I am a little emotional about possibly losing it. It hurts that I did all the leg work and someone else can just slide in and take it from me... Yeah I know, "welcome to the real world son."
Is there anyway I still might be able to pull something out of this deal? What if I attached a lien onto the property for my services? The homeowner will sign anything I put before her if she can walk away with something. We had already agreed on $2k for items left in home. Again, I am a little emotional about this right now. If anything I have learned SO much from this experience that I will be much wiser the next time around. -Thanks